Iran to Keep Exporting Crude Oil Despite US Pressure: President

Crude Oil

Crude Oil

Iran will continue to export oil despite USA pressure aimed at reducing the nation's crude oil shipments to zero, Iran President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday.

In this photo released by the official website of the office of the Iranian Presidency, President Hassan Rouhani speaks during a cabinet meeting in Tehran, Iran, Wednesday, April 24, 2019.

"The goal remains simple", Secretary of State Mike Pompeo said last week in announcing the new sanctions, "to deprive the outlaw regime of the funds it has used to destabilize the Middle East for four decades, and incentivize Iran to behave like a normal country".

The law specifically labels as a terrorist organisation the United States Central Command (CENTCOM), which is responsible for USA military operations in the Middle East and Afghanistan.

The move is a reaction to President Donald Trump's designation of the Iranian Revolutionary Guard Corps (IRGC) as a foreign terrorist organization April 8.

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Rouhani instructed the ministry of intelligence, ministry of foreign affairs, the armed forces, and Iran's supreme national security council to implement the law, state media reported.

The United States has already blacklisted dozens of entities and people for affiliations with the Guards, but until Trump's decision not the organisation as a whole.

In May 2018, Trump administration pulled the U.S. out of the worldwide Iran Nuclear Deal, re-imposing unilateral sanctions against Iran.

Trading in crude oil is state-controlled in Iran, but to try to work around USA sanctions, the government a year ago started selling to private buyers through the exchange.

The government of India has urged the U.S. to continue with its special waiver of Iranian sanctions for some more time in light of the ongoing parliamentary elections, reports Indian daily The Hindustan Times.

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